SpaceX filed a registration statement with the US Securities and Exchange Commission seeking a Nasdaq listing under the ticker SPCX and is reportedly aiming for a valuation between US$1.5 trillion and US$2 trillion.
The prospectus frames the company less as a launch business and more as an AI and data‑infrastructure play, estimating a combined addressable opportunity of roughly US$28.5 trillion across AI infrastructure, enterprise applications, connectivity and communications.
The filing shows SpaceX generated US$18.7 billion of revenue in 2025 and a US$4.9 billion net loss, with first‑quarter 2026 losses widening as spending accelerated on GPU infrastructure, data centres and AI development, and the AI division alone losing billions in the latest quarter.
Starlink remains the cash engine of the group and is producing the majority of quarterly revenue and standing out as the only profitable segment disclosed in the prospectus.
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The filing also lays out broader ambitions including orbital data centres, large‑scale solar manufacturing, enterprise AI products and tighter integration with Musk‑linked businesses such as xAI, Tesla and X.
The S‑1 is landing amid discussion on Wall Street about how much of any valuation rests on current economics versus long‑duration bets, and the company also scrubbed a Starship test flight this week and is targeting another launch attempt as early as Friday.
